Egypt's Sisi approves $25 bln loan from Russia to build Dabaa nuclear project

Ahram Online , Thursday 19 May 2016

The loan, with a 22-year maturity, will cover 85 percent of the cost of developing Egypt's first nuclear power station

(Photo: Abdel-Fattah El-Sisi official Facebook page)
Egypt's President Abdel-Fattah El-Sisi stands as Russian - Egyptian officials sings the first Egyptian nuclear plant deal (Photo: Abdel-Fattah El-Sisi official Facebook page)

Egypt’s President Abdel-Fattah El-sisi has approved a loan to be provided by the Russian government to finance the construction of the country’s first nuclear project, state news agency MENA reported Thursday citing presidential decree No.484/2015 in the official gazette.

The loan will amount to around $25 billion, MENA added.

In November, the Egyptian government signed an agreement with Russia to build Egypt's first nuclear power plant at Dabaa, located in the country’s Marsa Matrouh governorate, which aims to generate total of 4,800 megawatts through four units.

The loan, which has a 22-year maturity at an interest rate of three percent, will cover 85 percent of the project’s costs. Egypt will provide the remaining finance, Russia Today news website said in Novemeber.

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